NCERT Solutions for Class 11 Business_Studies Chapter 1 Business, Trade and Commerce

Business is a significant economic activity as it is concerned with the production and sale of goods and services to earn money by meeting people's demands for goods and services. The chapter is divided into two sections. Business, trade and commerce is a chapter that briefly explains the meaning of these terms. Topics to be revised are – Economic activities, types of economic activities, non -economic activities, the concept of business, characteristics of business activities, sale or exchange of goods and services, profit earning, comparison of business, profession and employment, classification of business activities – Industry, primary industry, secondary industry, the meaning of trade, types of trade – Internal trade and External trade, aids or auxiliaries to trade, objectives of the business, business risk, nature of business risk, causes of business risk.